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With the publication of the COSO Report in 1992, the scope of the corporate internal control function was expanded to include responsibility for compliance with an array of laws and regulations, accepted business practices, and financial reporting standards. One predictable by-product of this redefinition of internal control has been increased executive accountability. However, as author Steven J. Root clearly demonstrates in this ground-breaking book, while the Report does include a framework for assessing internal control, that framework, with its narrow focus on financial reporting, does not provide the rigorous system of checks and balances necessary in a business climate marked by ever more activist and litigious shareholders. Today’s senior executives and their internal auditors need a more expansive framework than that provided by COSO, one that more closely aligns internal control concepts with the main objectives of corporate governance. Beyond COSO provides you with just such a framework. Beyond COSO begins with a philosophical/historical review of internal control concepts as they have evolved, up to and including the COSO Report. This is followed by an in-depth exploration of the crucial ethical issues surrounding the contemporary internal control function. Readers will appreciate author Steven J. Root’s fascinating discussions of common lapses in ethics, the potential risks they entail, and how to avoid them. Drawing upon his extensive experience as a chief internal auditor with a Fortune 500 company and as a leading member of the Internal Auditing Standards Board, Mr. Root provides a detailed account of the internal control oversight process, with recommendations on how those responsible for internal control in North American corporations can more effectively discharge their responsibilities. He also makes a strong case for expanding the COSO-prescribed internal control criteria from 5 to 16, bringing the internal control function in line with all critical management activities, from IT development to human resource management. Finally, he offers clear, practicable guidelines for expanding the scope of any company’s internal control function and transforming it from a financial oversight mechanism into a potent strategic tool for maximizing corporate performance. Beyond COSO is an invaluable working resource for internal and external auditors, CFOs, members of audit committees, and corporate directors. --This text refers to an out of print or unavailable edition of this title.